HDFC AMC Set For IPO

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    Leading mutual fund house HDFC Asset Management Company said it will come out with its initial public offering, wherein HDFC Ltd and Standard Life Investments will dilute their holdings.

    The listing would unlock the value of the business for the shareholders and give an opportunity to investors to participate in the asset management space.

    The board of directors of HDFC Asset Management Company (HDFC AMC) chaired by Deepak Parekh, today approved initiating the process for an IPO, the fund house said in a statement. 6 Biggest Mistakes Stock Market Investors Makes

    HDFC AMC Set For IPO

    This is subject to relevant regulatory and other approvals. Besides, HDFC Ltd and Standard Life Investments Limited (SLI) has, in principle, approved the IPO of the fund house by offering shares to the public in one or more tranches.

    Post such dilution in tranches, the shareholding of HDFC Ltd and SLI in HDFC AMC will be at least 50.01 per cent and 24.99 per cent, respectively.

    "We believe that the listing would unlock the value of the business for the shareholders and provide investors with an opportunity to participate in the emerging Asset Management space within our group," Parekh, chairman of HDFC AMC said.

    HDFC AMC, is the second largest fund house after ICICI Prudential AMC, with an asset base of Rs 2.7 lakh crore at the end of September quarter.

    "The Indian asset management industry has seen strong business flows with increasing awareness of mutual fund products. The improving penetration levels of mutual fund products provide an interesting opportunity to channelize investments more productively," HDFC AMC Managing Director Milind Barve said.

    Earlier this month, Reliance Nippon Life Asset Management got listed on the bourses. Besides, smaller rival UTI Mutual Fund's IPO plans have been in the works for a long time.

    Goodreturns.in

    Read more about: hdfc amc ipo
    Story first published: Friday, December 1, 2017, 12:07 [IST]
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